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Yes you can, deleting branches or tags locally does not effect data on the server, unless you explicity delete it from the server using git push <remote> :<tag or branch>. Even if you delete a tag on the server the data it referenced will be kept in the repository for at least thirty days (by default, see the documentation on gc.reflogExpireUnreachable for more details).

To re-checkout a tag that you've deleted locally, you can just run git pull to re-retrieve the tag and git checkout <tag> to check it out again.